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Tide Water Oil has been one of the leading players in the Indian lubricant industry since 1928. It manufactures and markets Veedol brand of lubricants.
Quarterly results
Sales for the quarter ended September 2016 grew 2% to Rs 258.25 crore. OPM fell 320 basis points from 11.5% to 8.3% which saw OP falling 26% to Rs 21.41 crore.
Other expenses grew 13% to Rs 63.10 crore and as a % to sales it grew from 22.0% to 24.4%.
Other income grew 51% to Rs 8.22 crore. Interest cost was nil. As deprecation fell 2% to Rs 1.77 crore, PBT fell 15% to Rs 27.86 crore.
Provision for taxation fell 13% to Rs 9.60 crore after which PAT fell 16% to Rs 18.26 crore.
Six months results
Sales for the six months ended September 2016 grew 3% to Rs 546.18 crore. OPM fell 90 basis points from 12.2% to 11.3% which saw OP fall 4% to Rs 61.74 crore.
Other income grew 30% to Rs 13.70 crore. Interest cost was nil. As deprecation grew 2% to Rs 3.61 crore, PBT stagnated at Rs 71.83 crore.
Provision for taxation grew 6% to Rs 26.07 crore after which PAT fell 3% to Rs 45.76 crore.
Valuation
The company declared 1st interim dividend of 1000% (Rs 50) per ordinary share for the year 2016-17.
The share price trades at Rs 5733.
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